(Bloomberg) -- Oil raced higher after Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed Bin Salman at the G-20 meeting to extend output cuts for the rest of this year and potentially into early 2020, while the U.S. and China called a temporary truce in the trade war.
Brent futures were up 1.5%, erasing Friday's drop of 1.4%. OPEC and its allies will most likely agree to curb production for a further 9 months when they meet in Vienna this week, said Saudi Energy Minister Khalid Al-Falih. Delegates from other major producers gave their conditional support for an extension of the cuts which would go beyond the traditional half-year deals favored by the bloc. Meanwhile, U.S. President Donald Trump said he would hold off indefinitely on further tariffs on Chinese imports to allow more time to negotiate a deal.
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--With assistance from James Thornhill and Saket Sundria.
To contact the reporters on this story: James Thornhill in Sydney at jthornhill3@bloomberg.net;Alex Nussbaum in New York at anussbaum1@bloomberg.net;Alex Longley in London at alongley@bloomberg.net
To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, ;Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Edward Johnson, Andrew Hobbs
©2019 Bloomberg L.P.
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